:: EPF ::

The EPF & MP Act, 1952

Applicability :

• Every establishment which is a factory engaged in any industry specified in Schedule 1 and in which 10 or more persons are employed and
• Any other establishment employing 10 or more persons which Central Govt. may, by notification, specify in this behalf.
• Any establishment employing even less than 10 persons can be covered voluntarily.

Eligibility
The Employees drawing salary/wages at the time of joining upto Rs. 15000/- (w.e.f. 01.09.2014) are presently governed under the provisions of the Act. However, an employee at the time of joining if he is the member of PF with the earlier establishment, then in that case he shall be made member of the PF subject to maximum of Salary of Rs.15000/-. The employees drawing salary above Rs. 15000/- can also be brought under the purview of the Act at the discretion of the management and by furnishing a joint undertaking to the Provident Fund authority.

The Employees engaged through the Contractor in or in connection with the work of an establishment is also eligible for PF benefits.

Contribution :

• Employer: 12% ( 8.33% to Pension Fund & 3.67% to PF)
• Employee: 12% to PF

The EPF & MP Act, 1952

RATE OF DAMAGES ON DELAYED PAYMENT OF CONTRIBUTION:

• Upto 2 months: 17% p. a.
• 2 mnths & upto 4 mnths: 22% p.a.
• 4 months & upto 6 months: 27% p.a.
• 8 months: 37% p.a.

SIMPLE INTEREST @ 12% P.A. IS CHARGED SEPARATELY ON DELAYED PAYMENT OF CONTRIBUTION.

Inspection :
PF Dept. is empowered to visit and conductsurprise inspection / verification of records of any establishment, to ascertain and ensure compliance is done by the establishment as per the provisions of the EPF & MP Act, 1952, both with regard to coverage and payment of contributions.

Pension Scheme :
The scheme under this Act, provides for monthly pension to the family members in case of death of members or pension to the member in case of retirement from the services.There are 3 types of contingencies :

• Survivor Pension : If death occurs during service period
• Old age pension : Pension on Superannuation
• Permanent Disability Pension : In the event of member suffering permanent disability while in service.

Statutory Forms :

• Registration
• Nomination – Form 2
• Contribution Card – Form 3A upto 2011-2012
• New entrants details – Form 5
• Exit employees details – Form 10
• Monthly Return – Form 12A
• Annual Return – Form 6A upto 2011-2012
• Challan online from 01.03.2012
• PF Withdrawal – Form 10C & 19
• Pension Claim – Form 10D
• EPF A/c Transfer – Form 13
• Advance from the Fund – Form 31